LIC’s plan is a non-linked plan. It offers protection as well as savings.
New Delhi. Are you planning to invest? So today we are telling you about such a plan where you can get the benefit of up to Rs. Let us tell you that LIC prepares the policy keeping all the people in mind. One such policy is Jeevan Shiromani. It offers protection as well as savings. LIC’s plan is a non-linked plan. In this, there is a guarantee of at least Rs 1 crore assured sum. Sum Assured is the sum assured that the customer receives from an insurance company. LIC has many good policies to secure your life.
Know the complete plan
LIC’s Jeevan Shiromani (Table No. 847), is a new money back plan launched by LIC on 19th December 2017. This is a non-linked, limited premium payment money back plan. This is a market linked profit scheme. This scheme is specially made for HNI (High Net Worth Individuals). The plan also provides cover for critical illnesses and there are 3 optional riders available as well.
Get financial support
Jeevan Shiromani plan provides financial support to the family of the policyholder in the event of sudden death during the policy term. In this policy, the facility of payment has been given during the fixed period in the event of survival of the policyholders. Apart from this, a lump sum amount is also given on maturity.
| Minimum Age at entry | 18 Years (completed) |
| Maximum Entry Age | 55 years (nbd) for policy term 14 years 51 years (nbd) for policy term 16 years 48 years (nbd) for policy term 18 years 45 years (nbd) for policy term 20 years |
| Age at Maturity | 69 years (nbd) for policy term 14 years 67 years (nbd) for policy term 16 years 66 years (nbd) for policy term 18 years 65 years (nbd) for policy term 20 years |
| Policy Term | 14, 16, 18, 20 years |
| Premium Paying Term | (Policy term – 4) years |
| Minimum Basic Sum Assured | Rs 1,00,00,000/- |
| Maximum Basic Sum Assured | No Limit |
Survival Benefit
On the life assured surviving to each of the specified durations during the policy term, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
>> For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary
>> For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary
>> For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary
>> For policy term 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary
How much loan will you get
During the policy term, the customer can take a loan based on the surrender value of the policy, subject to the terms and conditions of LIC. Policy loan will be available at the rate of interest to be decided from time to time.
Tax
Taxes Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.
Terms and conditions
>> Minimum Sum Assured – Rs 1 crore
>> Maximum Sum Assured: No Limit (Basic Sum Assured will be in multiple of 5 lakhs.)
>> Policy Term: 14, 16, 18 and 20 years
>> Till when premium has to be paid: 4 years
>> Minimum age for entry: 18 years
>> Maximum age for entry: 55 years for a policy of 14 years; 51 years for a 16-year policy; 48 years for an 18 year policy; 45 years for a 20 year policy.
